Iteq Corporation · TWSE:6213
Iteq — Q3 2023 Earnings Presentation
19 slides from Iteq's earnings presentation, November 2023
Slide 1: ITEQ Corporation 2023 Third Quarter Earnings Result
ITEQ Corporation 2023 Third Quarter Earnings Result ITEQ INNOVATION. TEAMWORK. EXCELLENCE. QUALITY November 2023
Slide 2: Disclaimer Statement
Disclaimer Statement - This presentation and release contain “forward-looking statements” which may include projections of future results of operations, financial condition or business prospects based on our own information and other sources. - Our actual results of operations, financial condition o
Slide 3: Company Overview
Company Overview Establishment Headquarters Capital April 10th, 1997 HsinChu, Taiwan NT$3,630 million Employees Chairman CEO ~4,000 Dennis Chen Audrey Tsai Main Products Copper Clad Laminate (CCL) & Prepreg (PP) | Masslam service | Flexible CCL Revenue (NT$ billion) Revenue by Application (FY22) Aut
Slide 4: Key Technology Applications
Key Technology Applications Infrastructure Controlled Dk FR-4 Consumer Datacenter and Low Df Halogen Free Electronics Material Science Cloud Computing 5G Infrastructure Resin Mixture Process Engineering Low Dk High Ultrathin Reliability Smartphone Automotive Tablet Electronics 4
Slide 5: 3Q23 Financial Results
3Q23 Financial Results ITEQ EXCEL
Slide 6: 3Q23 Income Statement
3Q23 Income Statement NTD $Million 3Q23 2Q23 3Q22 QoQ YoY Revenue 6,645 5,430 6,352 22.4% 4.6% Gross Profit 901 581 731 55.1% 23.3% Operating Expense 511 523 382 -2.3% 33.8% Operating Profit 390 58 349 572.4% 11.7% Non-Op Income / Loss (4) 23 13 -56.0% -868.4% Income before Tax 386 81 362 376.5% 6.6
Slide 7: Revenue & Gross Margin Rate
Revenue & Gross Margin Rate (Million $NTD) 21.29% 20.98% 20.96% 19.89% 19.42% 19.46% 18.84% 18.86% 18.86% 18.52% 18.36% 15.52% 15.10% 14.92% 13.56% 12.24% 11.51% 10.70% 10.70% 8,930 8,168 8,030 8,269 7,472 7,397 7,646 6,863 6,645 6,379 6,153 6,220 6,112 6,352 6,260 5,965 5,618 5,430 5,294 1Q19 2Q19
Slide 8: Product Mix
Product Mix Consumer Electronics Infrastructure Smartphone Automotive 12% 11% 10% 12% 3Q23 14% 14% 17% 17% 18% 20% 20% Product QoQ YoY 9% 10% 9% 8% Growth % 8% 8% 6% 7% 5% 6% 6% Automotive +22.4% +23.1% 48% Smartphone +22.4% -10.3% 52% 56% 56% 57% 58% 59% 58% 58% 59% 60% Infrastructure +24.4% +8.2%
Slide 9: 3Q23 Balance Sheet
3Q23 Balance Sheet NTD $Million 3Q23 2Q23 3Q22 Total Assets 33,881 30,905 32,523 Cash 6,030 4,692 4,310 NR / AR 11,470 10,365 12,315 Inventories 2,834 2,422 2,579 Fixed Assets 11,387 11,049 11,166 Total Liabilities 14,126 12,189 12,525 Short-term Debt 2,554 1,544 3,521 NP / AP 6,332 4,590 3,954 Long
Slide 10: 2016 – 2022 Dividend Policy
2016 – 2022 Dividend Policy Cash Year EPS(NT$) Dividend(NT$) Pay-out Ratio(%) Dividend(NT$) 2016 3.13 2.5 2.5 80% 2017 4.11 3.1 3.1 75% 2018 5.86 3.8 3.8 65% 2019 8.13 5.0 5.0 62% 2020 8.19 5.0 5.0 61% 2021 9.00 5.0 5.0 56% 2022 4.94 3.0 3.0 61% *New shares issuance of 30 million common shares concl
Slide 11: Growth Strategy Blueprint
Growth Strategy Blueprint ITEQ
Slide 12: Well-Expanded Product Line
Well-Expanded Product Line RF Application Super Ultra Tier 6 IT-88GMW Low Loss Df 0.0015~0.0010 IT999G IT-999GSE IT-8300GA IT998G IT-998GSE IT-8350G IT-8615G IT988G/SE Ultra Tier 5 IT988GL/SE Low Loss Df 0.005~0.0015 IT968GSE Very Tier 4 Low Loss Df 0.006~0.005 IT968, IT968G Tier 3 Low Loss IT958G,
Slide 13: Manufacturing Site & Capacity – Expansion Plan
Manufacturing Site & Capacity – Expansion Plan JiangXi Plant (Phase I) - 2020 Laminate (600K SHT/Month) Prepreq (3,500K M/Month) (Phase II) - 2021 Laminate (600K SHT/Month) Prepreq (3,500K M/Month) (Phase III) – 2022 & 2023 Laminate (1,200K SHT/Month) Prepreq (5,000K M/Month) WuXi Plant Laminate (1,
Slide 14: Market Trend & Growth Drivers
Market Trend & Growth Drivers ITEQ
Slide 15: AI Server Robust Demand to Drive CCL Content Growth
AI Server Robust Demand to Drive CCL Content Growth AI Server CPU*2 Mainboard AI Server GPU OAM*8 AI Server GPU UBB (Content Value – mid) (Content Value – highest) (Content Value – high) CPU MB GPU Tray CCL: Very Low Loss CCL: Ultra Low Loss CCL: ULL / VLL Layer Count: 14 to 24 Layer count: 20 to 30
Slide 16: Datacenter Server Platform Upgrade
Datacenter Server Platform Upgrade Platform Purley Whitley Eagle Stream Birch Stream Sapphire Emerald CPU Skylake Cascade Lake Ice lake Rapids Rapids Granite Rapids Nano Process 14 nm 14 nm+ 10 nm Intel 7 Intel 7 Intel 3 Intel PCIe Gen PCIe 3.0 PCIe 3.0 PCIe 4.0 PCIe 5.0 PCIe 5.0 PCIe 5.0 MP Time 20
Slide 17: Advanced Auto Application Opportunities
Advanced Auto Application Opportunities Green Power/EV Internet of Vehicle Active Safety Autonomous Driving • Energy Conservation • Infotainment • Active Safety System • HPC • Power Charging • Networking • ADAS • Graphic Processing • High Current & Voltage • 多層 HDI • Radar • Automated Driving • Heav
Slide 18: HDI New Product: Resin Coated Copper (RCC)
HDI New Product: Resin Coated Copper (RCC) Resin Coated Copper (RCC) ✓ Glass-free solution which enables further thickness reduction of dielectric layer while satisfies the needs towards fine-line pattern design (smaller form factor) and hybrid HDI/Substrate-Like PCB production. Cover film Dielectri
Slide 19: Thank you
Thank you Question and Comment